Gold extended gains in Asian trade, climbing 0.6% to $3,364.26 / oz, as investors sought safe havens amid fresh U.S. President Donald Trump tariff announcements and renewed Russia–Ukraine frictions. With the dollar holding firm and broader metals range‑bound between $3,300 and $3,500 / oz, eyes now turn to upcoming U.S. CPI data for rate‑outlook cues.
Persistent uncertainty over new 30% levies on Mexico and the EU has underpinned gold’s allure.
Trump’s tariff blitz sparks fears of a global trade escalation.
EU’s threatened retaliatory measures add to market jitters.
Investors brace for a renewed trade war as key economies race to negotiate within two weeks.
Russia–Ukraine friction intensified after Trump authorized additional weapons shipments to Kyiv and warned of tougher sanctions on Russian oil. Such conflict‑linked risk aversion continues to buoy bullion demand.
Despite haven flows, a firm U.S. dollar capped gold’s upside, keeping futures locked in a $3,300–$3,500/oz band. Broader metals saw muted moves, reflecting mixed macro data from China and stable global growth forecasts.
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